##内幕交易成证券犯罪“第一大罪” 北京三中院受理案件近九成
**中新网北京8月20日电 (记者 陈杭)** 北京市第三中级人民法院自被确立为人民法院证券期货犯罪审判基地以来，共受理证券类刑事案件44件，新收、审结证券类刑事案件数量均呈上升趋势。受理案件案由中，内幕交易、泄露内幕信息案成为当前审理证券犯罪案件的“第一大罪”，占受理案件的89.36%。
北京三中院副院长王海虹表示，通过对审判基地审理的案件进行调研，北京市证券犯罪案件呈现案件类型集中高发与多元并发趋势共存。审判基地审理的案件中，内幕交易犯罪案件占全部证券犯罪案件的近九成，成为证券犯罪集中高发案由；其次是操纵证券市场犯罪案件；此外还有少量违规披露、不披露重要信息犯罪及欺诈发行证券案件。
从被告人学历情况来看，59%的被告人为大学本科以上学历，其中半数被告人具有硕士以上学历，这种高学历特征与证券行业的专业性特点吻合；从被告人职业情况来看，54%的被告人是公司董监高或者公司法定代表人、实际控制人，20%的被告人是公司管理层。
北京三中院刑二庭庭长钟欣表示，面对证券类犯罪逐渐严峻、复杂的形势，北京三中院不断优化工作机制，通过建立健全“券法·司睿讲堂”研讨机制、“券法·法官沙龙”学习机制、“券声法谈”宣传机制、“券法·精品调研”机制，逐步提高证券案件的审判能力和审判专业化水平。同时，持续打造人才培养“育苗工程”，打通学者“智库”建设双向通道，积极发挥司法职能。
北京三中院刑二庭副庭长方玉聚焦内幕交易罪、违规不披露重要信息罪的审理思路，通报六起典型案例。其中，马某某内幕交易案中，法院结合被告人在内幕信息敏感期内从事了明显异常的交易行为且无正当理由，且敏感期内与内幕信息知情人有过接触、联络，最终认定被告人构成内幕交易罪；作为北京首例的张某某违规不披露重要信息案中，三中院明确了对上市公司披露“重大诉讼”的具体要求，包括上市公司对重大诉讼的披露义务、披露方式、披露时间节点以及违规不披露的法律后果。
**专家分析：**
内幕交易案件成为证券犯罪案件中的“第一大罪”，反映出资本市场监管的严峻形势。近年来，随着资本市场的发展和完善，内幕交易行为也更加隐蔽和复杂。监管部门需要加强对内幕交易行为的打击力度，同时也要加强对上市公司信息披露的监管，提高信息透明度，从源头上预防内幕交易行为的发生。
**下一步，北京三中院将继续发挥证券期货犯罪审判基地职能，依法严厉打击证券犯罪，维护资本市场健康稳定发展。**
英语如下：
##Insider Trading Becomes the “Main Force” in Securities Crimes: Beijing Third IntermediateCourt
**Keywords:** Insider trading, Securities crimes, Trial base
**NewsContent:**
**Beijing, August 20 (Xinhua)** – Since being designated as the trial base for securities and futures crimes by the People’s Courts, the Beijing Third Intermediate People’s Court has accepted 44 securities-related criminal cases. The number of newly received and concluded securities-related criminal caseshas shown an upward trend. Among the accepted cases, insider trading and disclosure of insider information cases have become the “top crime” in current securities crime trials, accounting for 89.36% of the accepted cases.
WangHaihong, Vice President of the Beijing Third Intermediate Court, said that through research on the cases tried by the trial base, securities crimes in Beijing have shown a trend of both concentrated high-frequency occurrence and co-existence of multiple concurrent types. Among the cases tried by the trial base, insider trading crimes account for nearly 90% of all securities crimes, becoming the most frequent type of securities crime. The second most frequent type is manipulation of the securities market, followed by a small number of cases involving illegal disclosure or non-disclosure of important information,and fraudulent issuance of securities.
In terms of the educational background of the defendants, 59% of the defendants have a bachelor’s degree or above, with half of them having a master’s degree or above. This high educational background characteristic is consistent with the professional nature of the securities industry. In termsof the occupation of the defendants, 54% of the defendants are company directors, supervisors, and senior executives or company legal representatives and actual controllers, while 20% are company management personnel.
Zhong Xin, Director of the Criminal Division II of the Beijing Third Intermediate Court, said that in the face ofthe increasingly severe and complex situation of securities crimes, the Beijing Third Intermediate Court has continuously optimized its work mechanisms. Through the establishment of the “Securities Law · Wise Lecture Hall” research mechanism, the “Securities Law · Judge Salon” learning mechanism, the “Securities Voice Law Talk” publicity mechanism, and the”Securities Law · Excellent Research” mechanism, the court has gradually improved its ability to try securities cases and its level of professionalization. At the same time, the court continues to cultivate talent through the “Seedling Project,” establishes a two-way channel for scholar “think tank” construction, and actively plays itsjudicial role.
Fang Yu, Deputy Director of the Criminal Division II of the Beijing Third Intermediate Court, focused on the trial approach for insider trading and illegal non-disclosure of important information crimes, reporting six typical cases. In the Ma Moumou insider trading case, the court combined the defendant’s obviously abnormal trading behaviorduring the sensitive period of insider information without a justifiable reason, and the fact that the defendant had contact and communication with those who knew the insider information during the sensitive period, ultimately concluding that the defendant constituted insider trading. In the Zhang Moumou case, the first case of its kind in Beijing involving illegal non-disclosure ofimportant information, the Third Intermediate Court clarified the specific requirements for listed companies to disclose “major litigation,” including the disclosure obligations, disclosure methods, disclosure time nodes, and legal consequences of illegal non-disclosure for listed companies.
**Expert Analysis:**
Insider trading cases becoming the “top crime” in securities crimes reflects thesevere situation of capital market regulation. In recent years, with the development and improvement of the capital market, insider trading activities have become more covert and complex. Regulatory authorities need to strengthen their crackdown on insider trading activities, while also strengthening the regulation of information disclosure by listed companies, improving information transparency, and preventing insider trading activitiesfrom occurring at the source.
**Next steps, the Beijing Third Intermediate Court will continue to play its role as the trial base for securities and futures crimes, strictly cracking down on securities crimes in accordance with the law, and maintaining the healthy and stable development of the capital market.**
【来源】http://www.chinanews.com/cj/2024/08-20/10272044.shtml
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